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PMLA Attachment Quashed as Shareholders Not Owners of Company Assets
Case Law Details
- Case Name
- Hanuman Cotton Mills Ltd. And Ors. Vs Union of India (Calcutta High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Calcutta High Court
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Hanuman Cotton Mills Ltd. And Ors. Vs Union of India (Calcutta High Court)
The Calcutta High Court considered a writ petition challenging a provisional attachment order dated 31 March 2022 and a show cause notice dated 5 May 2022 issued under the Prevention of Money Laundering Act, 2002 (PMLA), insofar as they related to land owned by a company. The Enforcement Directorate (ED) had attached the company’s land on the premise that certain accused individuals, who were shareholders in the company, held 1,793 shares, and that any liquidation of the company’s assets could result in proceeds pay...
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